Assess planned control risk and riskof material misstatement by completing step 4 of the audit program R 1-3. Document completion of your work in audit program R 1-3. Record your assessment in audit schedule R-50. Document in audit schedules R 50-2 and R 50-3 the specific tests by number that you have chosen, the assertion(s) covered by each test, and the level of assurance (high, medium, or low
risk) provided.
What will be an ideal response?
A solution to the assignment is documented on audit schedules similar to the audit schedules
provided to students on the pages that follow. The risk assessment is based on the audit tests provided
in schedules R 42-1 and R 42-2. The audit tests listed in schedule
R 42-1 and R 42-2 are cross-referenced to the audit tests listed in audit schedules R 40 and R 41 for
the previous two SSD audit case assignments.
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